This is not a bad way to think about it
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Eh, the republicanism aspect was settled in 1776 and firmly baked in from then out. There was never any real prospect of Washington becoming a king, it's not like he was actually offered it and declined. A few scattered mentions of the idea, but it was never seriously on the table.
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There was serious discussion of life tenure for presidents, like we got for judges. Even that got shot down pretty lopsided. But not an actual, crowned, hereditary monarchy. Washington would not have got that even if he had wanted it.
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